SNAX | Fishing for the bottom
Updated
This is a SPAC stock with a market cap of 80 million
The founder just filed a Form 4 saying he acquired 10k shares @ 4.23, bringing him to 817k shares or about 4% ownership in his own company, which seems low... I guess SPAC's are not a great deal for founders?
Anyway the only SEC disclosures are these insider "buys" which I admit could be some kind of warrant exercise, but they are showing the price at the current level.
So I'm looking at the chart and hoping for a $4 bottom. Probably going to put a stop around 3.80 and I'm looking for a rise to $7, how cool would that be?
The founder just filed a Form 4 saying he acquired 10k shares @ 4.23, bringing him to 817k shares or about 4% ownership in his own company, which seems low... I guess SPAC's are not a great deal for founders?
Anyway the only SEC disclosures are these insider "buys" which I admit could be some kind of warrant exercise, but they are showing the price at the current level.
So I'm looking at the chart and hoping for a $4 bottom. Probably going to put a stop around 3.80 and I'm looking for a rise to $7, how cool would that be?
Trade active
Well I'm in @ 3.79 and then again @ 4.60 after this bounce on good news:Note
After that bounce on the 16th due to good news of distribution deals, bad news (low Q4 revenue guidance) was announced and the stock lost as much as 20% before recovering 10%, for a loss of 12.6% on the day.This now makes a gartley here, so the reversal may be complete. I will probably buy more soon. On the downside there is clear overhead supply which was to be expected as this is a SPAC stock. $5 may be a tough resistance. But I like how it held up today; the daily candle here is a "spinning top" I believe.
Note
I mean 43 million shares were apparently traded on 12/16 according to my data sources. This is 2x shares outstanding.OK reading up on this S1 filing from 12/30. They need an additional $25 million, which is probably due to the rapid expansion going on. I'm going to wait a few days/weeks as it's not likely any new information will come out to push the stock much higher above $4.
I'm holding my $4.20 cost basis shares and looking for confirmation of a bottom around $3.50 where I will look to buy more.
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